Glad you asked! A term loan is a loan that’s repaid in scheduled payments over a specific period of time. It provides up to $2 million with interest rates as low as 6%, and you can often get funded in as little as 24 hours. Your term loan will likely feature fixed payments over 1-5 years. And if you get your term loan from our online small business lending marketplace, you get to compare options from 75+ lenders and pick the best one.
A term loan is best suited for an established business (in operation for two or more years). You can use your term loan for just about any small business need including expansion, acquisitions, working capital, or equipment purchases.
Small business term loans are generally reported to credit bureaus, which is nice because making regular payments can help your credit. Basically, you’ll get the capital you need, while your credit gets a friendly little boost in the process.
When applying for a term loan, lenders will look closely at your credit score, small business history, and collateral. The application itself is actually surprisingly easy. It all starts when you complete our 15-minute application, which instantly connects you with more than 75 lenders so you can begin comparing your options.